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Lower Insurance Rates with Technology?

July 11, 2019


Can new technology help truck drivers lower their insurance rate? That seems to be the question everyone wants to know.

Most auto insurance companies give discounts and special rates to drivers who have safety devices in their car. But, it’s not that simple for truck insurers.

With truck crashes on the rise, insurance companies are finding it much harder to reach settlements quickly.

Lately, insurers have paid out more in claims than what they received from policy premiums. As a result, many truck insurance companies do not offer discounts.

But a few do. There are still some companies who offer policy discounts for using technology. Especially, technology that truck drivers use to underwrite their policies.

For example, some insurers will give drivers a lower rate just for sharing their ELD data. This information is used to see out how much the driver will end up saving.

Some insurance companies thank new technology for lower premium rates. They feel as though the new technology has helped control bad road behavior, thus reducing the chances of an accident.

Moreover, new technology gives truck insurers the ability to work with their drivers on a more intimate level. It lets them see what is affecting their premium rate.

Additionally, more mobile apps are being developed that give drivers the option to observe their own behaviors. These apps are popular among trucks that do not have to log in electronically.

Furthermore, the use of cameras has become an effective way for truck drivers to prove their innocence in incidents where they are blamed for liability.

The less accidents you have, the cleaner your driving record will be, thus reducing costs in other areas that will affect your insurance rate.

Should equipping your truck with advanced technology warrant automatic savings? Let us know your thoughts.

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